Getting a mortgage in Portugal
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Portuguese Property as Security
If you require finance, to purchase a property in Portugal, then mortgages.co.uk can help, we can give you access to a team of licensed credit brokers, who have over 20 years experience in the field. You could raise a repayment mortgage for the Portuguese property, depending on your circumstances.
Based upon the valuation/purchase price of your Portuguese property (whichever is lower) you could secure a loan for up to 80% of its value, for the purchase of new property, or a re-mortgage on an existing property, for home improvements (a re-mortgage for any other reason will be dealt with on a case by case basis).
There is a minimum loan of £20,000, which can be repaid over a period of 5-30 years and can be available to applicants up to the age of 70. Current interest rates as at 23rd July 2003 are from 1.00% above EURIBOR currently approx 3.00%. Mortgages are available in most major currencies; commercial loans will also be considered.
The following example is based upon a repayment mortgage; in Euros. The cost of a mortgage protection policy has not been added.
Repayment mortgage of approx € 72,500 over a period of 20 years at an interest rate of 3.00%= approx € 406.72 capital & interest per month = a total approximate amount payable over the term of € 100,514 including capital, interest, arrangement and survey fees. The income criteria is variable Bank Reference and Employers or Accountants reference if self-employed Existing borrowing in the UK and Overseas will be taken into account |
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